Japan is set to launch its first regulated crypto investment trusts by 2026, following upcoming reforms by the Financial Services Agency (FSA). Six major asset managers, including SBI, Nomura, and Daiwa, are preparing products in anticipation of these changes, which will reclassify cryptocurrencies under the Financial Instruments and Exchange Act. The FSA's reforms also include a new flat 20% tax on crypto gains, replacing the current rate of up to 55%. These measures aim to enhance investor protections and broaden access to crypto assets within investment trusts, marking a significant shift in Japan's regulatory landscape.